How do I change a Partnership to a LLC?
My husband and I started a small business two years ago, as a partnership, and we would like to change it to an LLC. Could you provide advise as to how to go about doing this.
Have you filed US Partnership Tax Returns - form 1065, or do you file a Schedule C on your 1040? THe steps would be to:
1. Establish a LLC
2. Use the same EIN as the partnership
3. Transfer the business assets into the LLC.
Depending upon filing, there should be no Federal Tax. You may be subject to state and local taxes and registration fees depending upon the assets.
I would be happy to help you!